New York (AFP)

The New York Stock Exchange ended slightly higher on Friday, with investors quietly welcoming the formalization of a trade agreement between the United States and China as well as the electoral victory of Boris Johnson in the United Kingdom.

Its flagship index, the Dow Jones Industrial Average, climbed 0.01% to close at 28.153.38 points.

Winning new records, the Nasdaq climbed 0.20% to 8,734.88 points and the S&P 500 0.01% to 3,168.80 points.

The session "represents a good example of the adage" that brokers are driving up indices in anticipation of information and remain behind when it materializes, observes Art Hogan of National Holdings.

In this case, investors were particularly attentive this week to the British elections, crucial for Brexit, and to the trade negotiations between Washington and Beijing.

And on these two fronts, "we will finally be able to have a little clarity and certainty" on issues whose shadow hangs over the market for several months, said Mr. Hogan.

Over the week, the Dow Jones appreciated 0.4%, the Nasdaq 0.9% and the S&P 500 0.7%.

The Conservatives' broad victory in the British elections removes the prospect of a Brexit without agreement on the one hand and buries that of a Labor government on the far left.

Above all, the formalization of a Sino-American agreement represents a welcome truce for the markets after 19 months of fierce trade war between the two leading world economic powers.

However, confusion was at the start of the session, China having notably postponed the schedule of a press conference on the subject several times.

But the brokers' reluctance quickly dissipated when Beijing officially announced that a preliminary agreement with the United States had been concluded, pushing up Wall Street.

This compromise provides in particular for a gradual reduction of punitive customs duties on Chinese products, the lifting of a new burst of tariffs scheduled for December 15, and Beijing's commitment to make additional "substantial" purchases of goods and American services over the next few years.

Apple, whose iPhones would have been particularly affected if Washington had as planned implemented a new wave of prices on Sunday, took advantage and gained 1.36%.

However, the enthusiasm of the brokers was refreshed during the session.

"The indices have been climbing since the beginning of the year thanks to two elements: the monetary policy of the Federal Reserve, which has lowered its rates, and the prospect of a trade agreement with China," recalls Gregori Volokhine of Meeschaert Financial Services. "We see today that this increase was justified, that negotiations are progressing, that business leaders will be able to make investment decisions," he said.

"Perhaps some investors are a little disappointed not to see an immediate abolition of all the tariffs. But the small movements of the indices today do not mean much except that the market always wants more ", says the specialist.

On the bond market, the 10-year rate of the American debt fell to 1.817% around 21.20 GMT against 1.892% Thursday at the close.

© 2019 AFP